Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1887-09-24
THE MONEY %sTRINGENCY.
SOME ANXIETY FELT IN GREAT
BIG CHICAGO.

SOME ANXIETY FELT IN GREAT
BIG CHICAGO.
Interviews With Leading Financiers and
Ready MISREPRESENTATION Has Some
thing to DO with It-rhe West is APP
parently all Right.
CHICAGO, Sept, 23.-The money strin.
gency in New York is regarded here with
some anxiety, but not with alarm. The
market is not s'high', here, but good
houses are unable to get all they need at
reasonable rates. There is complaint in
legitimate business circles as we'll as
among spectators. Letters from country
bankers affirm that their localities are in
easy condition, and want to know what
all this hue and cry about tight money
means. They say that there are only le-
| Ultimate demands for money in their 10.
~calities.
Lyman J. Gage of the First National
bank was asked what he thought was the
matter with the New York banks.
"Not much of anything, / judge he
replied. 'tThey have only 81, 900, 900 less
of surplus than last year. / don't think
the cry or distress comes from them.n
rs there n fnancia. stringency4 I'm
the westf''
VERY little, if any"
"What is the matter with railway
stocksS"
There are more sellers than buyers.n
What has been the effect on New
York of the withdrawal Of the surplus by
outside banks?n
Very little effect on New York banks,
but still a preceptible influence and a
marked relief to the west"
What Is the condition of local tradeen
General trade is first-rate. Collec-
tiens are good. Commercial houses are
in good shape"
lis this true in New York?''
Undoubtedly the. eastern money
market has been taxed during the last
year by providing means for the enor-
nous constructions taking place in rail-
ways, etc, That sort@of a thing must be
diminished according to present appear
ances.n
SIS the national administration respon-
sible for the eastern s~tringency?"
1.-THE effect of our revenue laws has
been to bring into the treasury a consid-
cradle surplus which might be better
used in business channels. The laws and
not the administration are responsible
for this
sIs this a speculative or commercial
stringency2"
''There can be no doubt on that point.
There has been q large speculative spirit
during the last year,
Have the labor troubles had anything
to do with its',
Il do not think they affect the market
much.''
would the sale of government bonds
help matters any?"
1.-THE mar who wants money worst has
no government bonds. The sale of such
bonds helps matters a little, but very in
directly. / should say that the embar-
rassment is found chiefly along the specu-
lative line, and not in business. Money,
no doubt, will work close. during the fall.
The situation only demands patience,
courage. and some fortitude. There is
no cause for alarm. These sensational,
| speculative bulls may tighten purse
strings a little, but people will soon re-
cognize the TRUTH
Mr.. Henry F. Eames, president of the
Commercial National bank, was asked:
What is There in this reported fnan-
cial stringency2'
why, a burnt rag ought to have a
smell. We lave detected no odor here.
The New York panic is very like it's
cholera a few years ago. New York did
have some cases for q fact, but by the
time IT got to Chicago it had dwindled
down to nausea. There can be no doubt
that in the speculative circles OF the east
there is a stringency of money, but it
will not effect Chicago, which is no longer
in debt to any one, but stands on its own
legs. The east has been sending large
sums OF money to western places hsbving
booms and for railway extensions In all
directions. Here is the Santa Fe, which
has taken $40, 900, 900 for construction
from Boston alone. We nave cashed
many drafts for the road on Boston
a~mountiEgto several millions each. The
east.is merely suffering for making the
west prosperous II it behaves itself,
We'll return the compliment in due time.
Money is in good demnnd here and there
is plenty of it on hand to satisfy the needs
of trade. The marvellous growth of the
west calls for considerable money, but it
can be had. Collections were never bet.
ter, and trade is good. Our out-of- town
customers report The country everywhere
in good shape. The press should be eau
tfous to confine this financial stringency
where 1T really is-in speculative Wall
street. Sensational articles might cause
trouble
Mr.. George Sturgis, president Of the
Northwestern National bank, said:
There is not a dollars worth Of pa
per overdue in this bank. A panic is out
of the auestion-impossi5le even in New
York, for there is plenty OF money to be
had on good collateral. Money is tight,
I admit. simply because collateral Is not
of the right kind